Not seven days passes by where I don’t hear about somebody getting taken advantage of in today’s real estate market.
Typically the story goes something like this.
Three months ago, a family of four discovered their dream home. It had all that they wanted. Luckily, even though they didn’t qualify for a mortgage, the proprietor was willing to Lease Option the house to them!
Enthusiastically, they entered into a Lease Option, giving the homeowner $5,000 down in addition to their first month’s lease. They’ve moved in and are finally unpacked.
Exactly when it was starting to feel like home, they get a letter in the mail saying that the house is being abandoned at the first of one month from now.
From the start, they think there is some mistake. This is their dream home after all, and they can’t imagine losing it. They soon learn that the homeowner has taken their upfront installment as well as their last three payments. They haven’t been paying the mortgage but instead utilizing the cash to help their way of life.
Unfortunately, I hear this story at least once seven days.
Believe it or not, this doesn’t merely happen to individuals who Lease Option or Lease Purchase homes through individuals. Regularly, the dealer is a small builder who just is endeavoring to keep their head above water. Last week, I even had an authorized realtor endeavor to put a resigned couple into a home that she was currently living in that was $15,000 past due on the mortgage.
The point here is that you shouldn’t indiscriminately confide in anyone. Even though you may be going into a Lease Option because you have frightful credit, regardless you have rights, and it is essential that you execute them. You deserve to require that the dealer furnish you with proof forthright that the mortgage is current.
I would take this above and beyond. For what reason not ask for proof that they are sending your payment to the mortgage company each and consistently? This should be possible as just as them giving you online access to the mortgage statement.
On the off chance that you make this demand and the vendor acts offended, or balks in any capacity don’t walk, RUN! Consider it. The dealer is likely going to ask you for all sorts of personal information amid the application process. They do this because they want the security of realizing that you have a great job and don’t have a criminal past. Don’t you merit the peace of brain and security of understanding that the home you are moving into isn’t in danger of being abandoned?
On the off chance that you are lease optioning a home through one of the many Lease Option or Rent to Own companies, don’t assume that they will handle this for you. You have to ask inquiries and make beyond any doubt this is part of their process. On the off chance that it isn’t, how genuine can they be about paying particular mind to your best interest?